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Shanghai index slips as Party meeting fails to cheer up market
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Shanghai stocks lost in morning trading as the reform plan released yesterday after the ruling Party’s top policy meeting failed to show investors detailed measures to bolster the world’s second largest economy.
The benchmark Shanghai Composite Index shed 0.8 percent, or 17.09 points, to 2,109.68 by midday. Half-day turnover stood at 40.9 billion yuan (US$6.7 billion).
China unveiled a reform agenda for the next decade after the CPC Central Committee concluded its plenary meeting yesterday, stressing that the market should play a decisive role in allocating resources and pledging further land reform and more property rights for farmers.
“The communique from the meeting delivered no major surprises and is largely in line with our expectations,” said Zhu Haibin, chief China economist with JP Morgan.
“As expected, the reform principals are largely high-level ones and there is a lack of concrete details with regard to many aspects of reforms mentioned in the communique,” Zhu said.
Financial counters dragged the market down. Shanghai Pudong Development Bank Co lost 2.2 percent to 9.90 yuan. China Minsheng Banking Corp dropped 3.4 percent to 8.64 yuan. China Merchants Bank Co fell 2.6 percent to 10.40 yuan.
Security related shares surged after the communique said China will set up a state security committee to “improve systems and strategies to ensure national security.”
Bluedon Information Security Technologies Co surged by the daily limit of 10 percent to 13.40 yuan. Beijing Aerospace Changfeng Co jumped 10 percent to 11.89 yuan.
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